Formerly underwritten by the Sears-Roebuck Foundation, the Millikin Teaching Excellence and Leadership Award is now funded by the University and carries a small stipend for the awardee. The University has retained the Sears Foundation's guidelines which state, "A faculty member should be selected who has made a distinctive difference in such areas as classroom teaching, campus leadership, pioneering teaching methodology, creative course development, or instructional support."

The winner of the award becomes the keynote speaker for opening freshman convocation each year.

The award winner is chosen by a selection committee that includes represenatives from the faculty, administration, students and alumni. Recently, the selection committee's representation have included a)three faculty members from the Council on Faculty representing major curricular divisions, b) a senior student chosen by Student Senate from its own membership, c) a recent alumnus/a, chosen by the Alumni Board, and the committee is chaired by the Vice President for Academic Affairs.

Faculty who have held the Millikin Teaching Excellence and Leadership Award include: